Tax Planning

After a lengthy process, Congress and the President did what they had to do in late December 2017 to put into law one of the most significant pieces of legislation in decades: the Tax Cuts and Jobs Act (TCJA). The Act put into place a number of provisions that will affect Not for Profit Organizations.

Most articles about the passage of the Tax Cuts and Jobs Act in December buzz about the resulting income tax consequences for individuals and businesses.

But what about the intersection of the TCJA and estate planning?

A recent interview style Q and A session appeared in Accounting Today featuring the expertise of author Iralma Pozo. In this series of questions, Pozo tackles some important aspects of the most significant change to the U.S. tax code since 1986.

The Tax Cuts & Jobs Act has changed rules regarding 2018 business meals. Congress denies in the Act - any business deduction for "entertainment". 

If you operate a business in the State of Oregon you must file an annual return (with your local county tax assessor) listing the equipment used to run your business.  

In last month’s newsletter we presented some general facets of the Tax Cuts and Jobs Act (TCJA). In this article, we will explore some portions of the new bill in greater detail.

President Trump signed the "Tax Cuts and Jobs Act" into law on Dec. 22, as noted and summerized from a report by Investopedia. The Senate passed the bill on Dec. 20 by a party-line vote of 51 to 48.

Here are links to the new tax bill, just signed into law. Many of the new rules are effective in 2018.

for individuals

https://www.thetaxadviser.com/news/2017/dec/tax-reform-bill-changes-for-...

Be sure to review my two recent "tax planning" articles & the "2017 Tax Planning Guide" provided, when we met earlier this year. Also, please let me know if you have tax questions before 12-31-17. Have a great year-end & Holiday season! Garland

On September 27, 2017, the Trump Administration and select Republican members of Congress released a “unified framework” for tax reform.